Credit Union Development Fund

On 13th November 2013 Renfrewshire Council approved up to £500,000 of funding to support credit union development in Renfrewshire. Since then, this money has been used in a variety of initiatives to tackle the rise in high cost lending and provide access to a wider range of ethical and affordable financial products for Renfrewshire citizens, as well as to promote savings and good money management.

Renfrewshire Council works closely with Credit Unions in Renfrewshire to support a range of development activities as part of the Council’s commitment to tackling poverty and financial exclusion. One of our key priorities is the prevention of financial crisis and supporting low income families to make the most of their money. By supporting Credit Unions to grow, the Council is helping more residents to access low cost credit as well as allowing them to save even small amounts.

Funding was used in a variety of ways across our Credit Unions:

  • Marketing to make people more aware of Credit Unions and the range of ethical services they offer
  • Funeral loans and plans to help people spread the cost of funerals
  • Work in schools – both primary and secondary to help children save and make good money choices not only in the present, but also in the future when they become independent adults.
  • Making websites smartphone compatible and supporting use of social media. To help attract younger people to credit unions, as well as those of any age who prefer to carry out their business online.
  • Development work to help the Credit Unions grow

These, and other initiatives funded by the Council, helped Credit Unions in Renfrewshire attract new members (now over 20,000), volunteers and Board members, which in turn will allow them to carry on offering their affordable and ethical services to all Renfrewshire residents. Although the funding has ceased, the Council still supports and promotes Credit Unions as much as possible, for example through Payroll Deductions.